Great Financial Statement Tools You Need for Your Business

For any business, strategic P&L (Profit & Loss) management is important to keep earnings positive and minimize expenses. If you’re tired of not knowing where your business stands financially, create a simple profit and loss statement or give one of our favorite accounting systems a try.

Choosing the right financial software can streamline the P&L management process. But with so many P&L reporting tools out there, which one is the most suitable for your business? Here’s a roundup of some great accounting tools that also offer profit and loss statements for small businesses:

QuickBooks

QuickBooks helps business owners make an accurate and professional profit and loss statement. Its P&L reports show total income, subtotals for income or expense accounts, profit margins, categorization of expenses and losses, detailed transaction lists for any entry, customized percentages, and identifications of over- or underspending. Plus, QuickBooks offers easy integrations and affordable monthly fees.

Xero

Xero’s solid accounting software comes with easy-to-use financial reporting tools that allow business owners to understand their real-time cash flow. Each package covers the basics, including financial performance reporting—meaning you won’t have to worry about paying more for the reports you need. And if you run into a problem, Xero provides customer support and has an abundance of how-to articles and tutorials.

Freshbooks

FreshBooks gives business owners a detailed breakdown of profit and loss, so you’ll know exactly how profitable you are. Each one of its packages offer financial performance reports, and to better serve its customers, FreshBooks offers complete mobile access for iPad, iPhone, Android devices, and other gadgets.

Wave

Wave has recently integrated P&L statements, balance sheets, and cash flow statements. Its financial reporting gives you the full picture when it comes to the health of your business. However, Wave’s number one selling feature is you only have to pay for extra services when you need them, which means the essential system is free with no strings attached.

GoDaddy Bookkeeping

GoDaddy Bookkeeping delivers real-time reports on profit and loss, total expenses, and more. Their platform is convenient even for business owners who don’t have accounting experience. Plus, they offer three affordable packages, ranging from $3.99 per month to $11.99 per month.